Credit union loan?

Kitty113

Hi, I need a small loan ASAP just of 100 and have well over that saved. What are my chances of getting that cash in hand tomorrow when I go to the credit union? The committee meet up every tue night for loans, but can't wait for their decision. Anyone know what the story is?

MagicMarker

I assume you mean 1000?

Kitty113

No 100 euro that's why I said small loan. But I really do need it tomorrow!!

Pimlico

Most Credit Unions will issue a loan there and then if the Loan is within shares, however it is up to the discretion of each individual Credit Union.

Edit: Or you could always just withdraw €100 from your shares if they insist on it going to the committee, I'd say there shouldn't be a problem getting it, if you have more than that in shares and no current loans or a current loan within shares.

cookie1977

Why not just withdraw it from savings and put it back as soon as you can? Then you dont have to wait for loan decisions

Kitty113

But if I take it out of my savings, how will that affect me in future if I need to get a loan out?

Aint Eazy Being Cheezy

I asked for a loan of €400 last week. (Drogheda CU) I had just over €500 in shares and never borrowed off them before. I was granted the loan on the spot.

Kitty113

Yea I got it on the spot no bother thanks everyone!

molly3108

Hi everyone
I'm looking for a loan of 5k
I'm in full time employment
I also live with my parents so I don't pay rent or anything
I'll have 700 in savings
Does anyone know my chances of getting the loan? Thanks

DAZP93

molly3108 wrote: »

Hi everyone
I'm looking for a loan of 5k
I'm in full time employment
I also live with my parents so I don't pay rent or anything
I'll have 700 in savings
Does anyone know my chances of getting the loan? Thanks

I was in your shoes last week and said I'd go for a loan of 3000. They came back to me and said the loan would have been approved apart from the fact I was only a member for 11 weeks (newbie). They advised me that I had to be a mamber for atleast 13 weeks. So I'm just going to resubmit my application next week and should be fine (fingers crossed)

I was planning on paying back 200 a month so I guess that looked good.

Best of luck..:-)

P. Breathnach

molly3108 wrote: »

Hi everyone
I'm looking for a loan of 5k
I'm in full time employment
I also live with my parents so I don't pay rent or anything
I'll have 700 in savings
Does anyone know my chances of getting the loan? Thanks

Probably not great.

Credit Unions typically limit loans to three times the amount a member has managed to save.

molly3108

P. Breathnach wrote: »

Probably not great.

Credit Unions typically limit loans to three times the amount a member has managed to save.

So if I saved 1600 would I get it then? Also if I'm buying a car privately do I need any proof? And do they just give me the money

P. Breathnach

molly3108 wrote: »

So if I saved 1600 would I get it then? Also if I'm buying a car privately do I need any proof? And do they just give me the money

I can't say. If you have demonstrated the ability to put a reasonable amount aside on a regular basis, and if you have been a member for more than a few weeks, your chances should be good.

It's probably worth your while talking to somebody in your CU about their current lending practices, and asking about your chances of getting a loan. They will know better than anybody here might.

squishykins

molly3108 wrote: »

Hi everyone
I'm looking for a loan of 5k
I'm in full time employment
I also live with my parents so I don't pay rent or anything
I'll have 700 in savings
Does anyone know my chances of getting the loan? Thanks

If you have a good history of saving it stands to you, and also if one of your parents was willing to be a guarantor it shouldn't be a problem, once they have never had any problems with them.

I got a loan in Sept of nearly €4000 for college. I had recklessly emptied the account over the course of 2 years of about €8000, but I saved €100 a week from April and had my mum as a guarantor and had no problem.

They told me aswell that if you take out a series of small loans and pay them back early, it looks really good when you need a big one.